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HomeLaw & PoliticsDo Crypto PACs affect the political influence of the crypto industry?

Do Crypto PACs affect the political influence of the crypto industry?

Political action committees (PACs) provide another avenue for the crypto sector to influence the political process, and there has been a flurry of activity in this area as well. In November, the American Blockchain PAC was established with the purpose of raising $300 million for pro-crypto candidates. However, as of mid-February, it was claimed to have raised less than $8,000 thus far.

The $10 million Democratic Protect Our Future PAC was founded in January, with FTX CEO Sam Bankman-Fried among its donors. Former Donald Trump communications director Anthony Scaramucci backed the Gonna Make It (GMI) PAC, which began the same month with a tweet saying, “When we organise, when we mobilise, we are unstoppable.” We’re GMI PAC, a super PAC dedicated to electing pro-crypto candidates around the country.” It aims to raise $20 million in total.

In February, Coinbase announced its second effort at a PAC. Last April, it became a founding member of the Crypto Council for Innovation.

This year promises to be an intriguing year for crypto politics in the United States.

Kunal Krishan
Kunal is an investment space writer who firmly believes investment is something which should not be a choice but a part of everyone's life.
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